8X8 (NASDAQ:EGHT) Price Target Lowered to $3.50 at Rosenblatt Securities

8X8 (NASDAQ:EGHT - Get Free Report) had its target price reduced by investment analysts at Rosenblatt Securities from $4.00 to $3.50 in a report released on Monday, Benzinga reports. The firm presently has a "buy" rating on the stock. Rosenblatt Securities' price objective would indicate a potential upside of 71.57% from the company's current price.

Other equities analysts have also recently issued reports about the stock. StockNews.com cut shares of 8X8 from a "buy" rating to a "hold" rating in a research note on Friday. Barclays cut their price target on shares of 8X8 from $3.00 to $2.00 and set an "equal weight" rating for the company in a report on Friday, August 9th. B. Riley reaffirmed a "buy" rating and issued a $4.00 price objective (down previously from $7.00) on shares of 8X8 in a report on Thursday. Wedbush raised 8X8 to a "hold" rating in a research note on Thursday, October 17th. Finally, Needham & Company LLC decreased their price target on 8X8 from $3.50 to $3.00 and set a "buy" rating on the stock in a research note on Friday, August 9th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $2.93.

8X8 Stock Performance

Shares of NASDAQ:EGHT traded up $0.05 on Monday, reaching $2.04. The company's stock had a trading volume of 329,999 shares, compared to its average volume of 1,187,253. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.92. The stock has a market capitalization of $261.79 million, a P/E ratio of -3.99 and a beta of 1.56. The stock's 50-day moving average is $1.92 and its two-hundred day moving average is $2.26. The company has a debt-to-equity ratio of 3.93, a current ratio of 1.50 and a quick ratio of 1.50.

8X8 (NASDAQ:EGHT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The company had revenue of $172.80 million for the quarter, compared to analysts' expectations of $178.90 million. During the same period in the prior year, the company earned ($0.04) earnings per share. The firm's revenue was down 5.7% on a year-over-year basis. As a group, sell-side analysts forecast that 8X8 will post -0.08 EPS for the current year.

Hedge Funds Weigh In On 8X8

Hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC purchased a new position in 8X8 during the 3rd quarter valued at about $30,000. Sei Investments Co. purchased a new position in shares of 8X8 during the 2nd quarter worth approximately $44,000. XTX Topco Ltd acquired a new position in shares of 8X8 during the 2nd quarter worth approximately $49,000. Williams & Novak LLC purchased a new stake in 8X8 in the 2nd quarter valued at approximately $77,000. Finally, Dynamic Advisor Solutions LLC grew its holdings in 8X8 by 83.1% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company's stock valued at $77,000 after buying an additional 15,665 shares during the last quarter. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Company Profile

8x8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8x8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8x8 Contact Center, a cloud-based contact center as-a-service solution; and 8x8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.